Which of the following statements is false?
A. A contingent liability is a potential ob...
Business, 24.04.2020 03:44, petriajack8375
Which of the following statements is false?
A. A contingent liability is a potential obligation that depends on the future outcome of past events.
B. A contingent liability should be disclosed in the notes to the financial statements if there is a reasonable possibility that a loss (or expense) will occur.
C. All contingent liabilities should be reported as liabilities on the financial statements, even those that are unlikely to occur.
D. A contingent liability should be accrued if the loss is probable and the amount of the loss can be reasonably estimated.
Answers: 2
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